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Al-Etihad Insurance shareholders to vote on 6% cash dividend, bonus issue for 2023 on May 29
Al-Etihad Cooperative Insurance Co.’s shareholders will vote on the board's recommendation to distribute cash dividends at 6% of capital, or SAR 0.6 per share, for 2023, during an extraordinary general assembly meeting scheduled for May 29, according to a Tadawul statement.
This will be the company's first dividend distribution since debut on Tadawul in 2007, according to Argaam's data.
Shareholders will also vote on a 11.11% capital increase via bonus share distribution, by capitalizing SAR 50 million from retained earnings, at one share per each nine shares held by shareholders of record.
|
Dividend Details |
|
|
Current Capital |
SAR 450 mln |
|
Number of Shares |
45 mln shares |
|
Total Dividend |
SAR 27 mln |
|
Percentage of Capital |
6% (SAR 0.6 per share) |
|
Record Date |
To shareholders of record registered with the Securities Depository Center Co. (Edaa) on the second trading day after the record date. |
|
Payment Date |
To be announced later |
|
Capital Increase Details |
|
|
Current Capital |
SAR 450 mln |
|
Number of Shares |
45 mln shares |
|
Capital increase (%) |
11.11% (one share for every nine shares held) |
|
New Capital |
SAR 500 mln |
|
Number of Shares after Increase |
50 mln shares |
|
Method |
Through capitalizing SAR 50 million from retained earnings |
|
Reason |
To strengthen the company’s capital base and support its future activities |
|
Eligibility |
To shareholders of record registered with the Securities Depository Center Co. (Edaa) on the second trading day after the record date. |
In the case of any bonus shares having fractions, these will be collected into one investment portfolio and will then be sold at market price within 30 days from the date of determining the allotment of new shares to each shareholder, the company added.
Last month, the Capital Market Authority (CMA) approved the company's application for a capital hike by 11.11% from SAR 450 million to SAR 500 million.
Dividend History (SAR/share) Corporate Actions
| Announcement | Ex-Dividend | Payment | Dividends (M Riyal) | Dividends * | Notes |
| 15/04/2024 | 29/05/2024 | 10/06/2024 | 27.00 | 0.54 |
Dividend History
| Consolidated cash dividend | Cash dividend per share (SAR) | * The stock price at the beginning of the period (SAR) | Return on the base price |
|---|---|---|---|
| Last 3 Financial years | 0.54 | 19.50 | 2.77 % |
| Last 5 Financial years | 0.54 | 13.81 | 3.91 % |
| Last 10 Financial years | 0.54 | 13.66 | 3.95 % |
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Valuation Data (Latest Share Price)
| P/E (TTM) | 10.78 |
| P/E Before Unusual Items (TTM) | 10.78 |
| P/BV | 1.23 |
| Dividend Yield | 3.26 % |
| Market Cap. (M) | 861.00 |
| Return on Average Assets | 4.83 % |
| Return on Average Equity | 11.88 % |
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